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we all face automatic spending cut tax increases that threaten to endanger the economy. they spent the day on capitol hill. >> now that the election is done, lawmakers are scrambling to avoid that dreaded fiscal clip and the deadline is coming fast. >> the congressional leaders started looking for an opening to move them away from the so- called fiscal clift. >> they stand ready to work with you. >> compromise is not a dirty word. >> reporter: without a deal before the end of the year, families will see their taxes go up $2,000 to $3,000. they will see their budget slashed and they could climb above 9%. it's tough medicine for an economy still in recovery. >> it is very likely suffering deep recession. and i don't think that is the way that we want to go here. >> reporter: and they drove themselves to this clift when they approved the budget cuts to force themselves to deal with the cut. it comes as they are set to expire. >> and after years of punting on the major fiscal challenges that we faced, 2013 is going to be different. >> reporter: and there is still some major roadblocks.
, but the biggest threat to the schools and the northern virginia economy is sequestration. economists predict up to a half a million jobs could be loss in the d.c. area that. would lead to vacant buildings and a sharp decline in commercial real estate taxes which is a major source of funding for local governments. >> i was working on a train track. >> reporter: foust grew up in johnstown, pennsylvania where steel mills created a bustling economy. today the mills are abandoned and jobs are scarce. >> it has certainly been nice to have the federal government, fall back on the government contractors and government employment, but personally i'm from an area that relied on the steel mills until it was too late and there was no diversification, steel mills closed. i don't want to see that happen in fairfax county. we want to diversify our economy and be less dependent on government contracting in the long run. >> of course, while there is optimism congress will stop the fiscal cliff, it's been a little too close for comfort and like never before, local governments are doing what other places are acr
the latest from the white house. >> reporter: the president opened news conference with talk of jobs, economy and fiscal cliff. >> first public comments about the scandal involving david patraeus. >> provided this country an extraordinary service. we are davis because of the work he has done. >> he resigned from the cia last friday after the fbi uncovered he had an affair. >> i have no evidence at this point that classified information was disclosed that in anyway would have had negative impact on our national security. >> the scandal is threatening the future of general john allen, the top commander in afghanistan. looking into e-mail communication with jill kelley. complaint to the fbi revealed the patraeus affair. >> obama is holding judgment about why he didn't learn until last week. law makers want answers. >> nothing happening for 6 months and the week after the election one event after another. it doesn't add up. >> top fbi officials met with law makers wednesday. senator diane fine stein described it as. >>> also agreed to testify about the deadly attack on the u.s. consulate in bengh
't realize. we'll tell you about the high stakes for families if the u.s. economy goes over the fiscal cliff. >>> president obama will work with republicans to avoid the fiscal cliff, the automatic spending cuts and tax hikes that could take effect in the start of the new year. but he's standing by his commitment to raise taxes for those making more than $250,000. >> that's something they say they will not affect. new tax hikes will hit very hard. especially on parents. jessica doyle reports they could have a tough time paying for childcare. >> reporter: it's a dilemma facing families across the country. >> reporter: the mother of three, says not being able to get that tax credit for childcare expenses could really impact her family. >> we typically get a refund and, you know, thinking that it might not be a possible for some people that do use that money at the end of the year to take care of big expenses could be very tough. >> reporter: that's why they are warning parents to plan carefully. andologist congress -- and unless congress plans to pay taxes, they will only get $500 as opposed t
many coming home. how has this particular economy been as far as our military families? >> i think it's very tough for military families today. it's all of the things that you've mentioned, multiple, multiple deployments. many of our families spouses aren't even home for the holidays and they're trying to make it the best that they can for their families who are here. >> you know what? we'll help them do that. >> i love you guys. >> elaine, thank you so much for being here. if you'd like to brighten a military family's holiday this year by giving a food basket, all the trimmings, call our uso phone bank 202-895-5560. you can make an online donation as well at there is a uso button right now on our homepage. elaine, again thank you so much for being here with all your volunteers. the whole studio is packed. we love it. guys, back to you at the desk. >> that's right. we want to hear those phones ringing and get a lot of calls to come in and support turkeys for troops and what a great day today. >>> what a day, but that said i mean it can be 70 on veterans day or it can sn
with this project. it's pumped thousands of -- excuse me billions of dollars in the economy. and put thousands of people to work. it will begin this process of undoing some of the gridlock up here, getting consumers and travelers a real choice. >> now the beltway express lanes in northern virginia will officially open to the public this saturday. >>> well coming up a water main break right near san francisco turns some neighborhood streets into rivers of mud. >> yes, a big reality check. more like november tonight. we'll talk about windchills and also look ahead for the rest of the week and the weekend. we've got the terps in town and the redskins in town. >> but up next, a landmark fishing pier destroyed by superstorm sandy. gets a new lease on life. we'll be right back. >>> the mayor of ocean city says a landmark fishable pier destroyed -- fishing pier destroyed during hurricane sandy will be rebuilt in town in time for next summer. we tell the daily times of salisbury some pilings left standing have since been taken away and they don't pose a hasrd to boaters -- hazard to voters. >>> north
Search Results 0 to 5 of about 6